The net profit of PHILIPPINE Business Bank, Inc. (PBB) at IfThe first quarter jumped 93.4% to P309.96 million on improved performance in its core businesses.

The bank said in a statement to the stock market on Thursday that its first-quarter performance increased from the 160.23 million pesos it recorded in the same period last year.

This translated into a return on average equity of 8.68% in March, compared to 8.24% at the end of 2021, and a return on average assets of 0.94% compared to 0.93%.

“PBB delivered strong first quarter results…The bank’s operating expenses in 2021 were within expected levels and expense growth in 2022 was driven by business improvements,” the chairman said. and CEO of PBB.fficer Rolando R. Avante said in a press release.

“For the remainder of the year, we are seeing strong loan growth and continued demand from our customers for their financing needs. As economic conditions improve, we expect to maintain a healthy expansion in risk assets that will continue through the second half of the year,” Avante said.

Broken down, PBB recorded net interest income of 1.3 billion pesos in Iffirst three months of the year, down 5.1% from 1.36 billion pesos in the same period of 2021.

Meanwhile, non-interest income excluding trading gains ended at 178.17 million pesos.

Basic income increased from 725.2 million pesos to 732.3 million pesos.

The bank’s income from service charges, fees and commissions increased to 126.13 million pesos from 28.41 million pesos.

Miscellaneous income also increased to 201.4 million pesos thanks to higher loan penalty recoveries.

On the other hand, non-interest expenses increased by 18.7% to reach 890.8 million pesos against 750.6 million pesos in Iffirst quarter of 2021 due to higher salaries and other benefitsIfts in the middle of a low base.

The cost/income ratio of PBB fell from 56.27% in December 2021 to 60.44% in March 2022.

The bank’s net loans and other receivables in the first quarter of 2022 were 89.36 billion pesos, down 2.5% from 91.67 billion pesos at the end of 2021.

Non-Performing Loans (NPLs) increased to 5.07 billion pesos at the end of March, from 3.98 billion pesos in December 2021. This pushed the NPL ratio up to 5.63% from 4.33%.

Loan loss reserves stood at 4.77 billion pesos in March, while the bank made provisions for loan losses worth 150 million pesos in March. Iffirst trimester.

On the funding side, deposits with the bank stood at 111.28 billion pesos in March, compared to 112.42 billion pesos observed at the end of 2021 due to the decline in current accounts and deposits in accounts. saving.

The loan to deposit ratio in March 2022 was 80.3%, compared to 81.55% in December 2021.

The lender’s total resources stood at 131.14 billion pesos in March.

Assets fell slightly by 0.7% to 131.15 billion pesos at the end of March, compared to 132.03 billion pesos at the end of 2021 “mainly due to the decrease in loans and other receivables”, a indicated the bank.

PBB’s capital adequacy ratio reached 14.2% in March, compared to 11.8% at the end of 2021, while its common equity Tier 1 ratio was 13.3% compared to 11.1%.

“We have previously expressed our objective to raise growth capital to further support the continued development of the bank’s business and expand its business initiatives. A larger capital base will help the bank capitalize on the opportunities we see from our deal pipeline,” Avante said.

PBB shares closed unchanged at P7 each on Thursday – KB Ta-asan